Sundaram-Clayton Ltd (SCL), part of the TVS Group, has completed the sale of 16.33 acres of land in Padi, Chennai, for a total consideration of ₹558.62 crore.
The company had entered into a sale agreement with Canopy Living LLP, a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Projects Ltd, on January 6, 2026, receiving an advance of ₹25 crore, with the balance ₹533.62 crore received on March 26.
Premium residential project planned
Separately, Arihant Foundations and Prestige Group announced the joint acquisition of a prime land parcel in Chennai, without disclosing the seller.
The site is proposed to be developed into a premium residential project with a total saleable area of around 3.6 million sq ft and an estimated revenue potential of about ₹5,000 crore.
Strategic location advantage
Located in Padi, close to Anna Nagar, one of Chennai’s most sought-after residential micro-markets, the land benefits from established social infrastructure and strong connectivity.
The transaction is among the largest land deals in Chennai in the past decade and is expected to significantly shape the residential landscape of the micro-market.
Developer outlook on Chennai market
“Chennai continues to be a key market for us, and we see strong long-term potential driven by its stable demand, improving infrastructure, and evolving residential preferences. We remain focused on expanding our presence in the city through well-located, high-quality developments that cater to the aspirations of homebuyers, while maintaining our emphasis on execution and timely delivery,” Prestige Estates Projects Chairman and Managing Director Irfan Razack said.
“Chennai’s residential market has demonstrated consistent growth, supported by end-user demand and a well-established ecosystem. This project, given its scale and strategic location near Anna Nagar, is well-positioned to tap into this demand. We see strong potential for a premium development that aligns with the expectations of today’s homebuyers in the city,” Arihant Foundations & Housing Managing Director Kamal Lunawath said.
Prestige Group portfolio
Prestige Group is a diversified real estate developer with a presence across residential, commercial, retail and hospitality segments.
As of December 2025, the group has delivered 313 projects spanning 206 million sq ft and has a pipeline of 128 projects covering 195 million sq ft.